Millennials and Boomers

Transcription

1 Research Report Report Number 730a-d, July 2015 s and s How Utah s Generations Compare to Each Other and the Nation Bryson Garbett, Chairman Brent Jensen, Vice Chairman Douglas Matsumori, Treasurer Stephen J. Hershey Kroes, President Shawn Teigen, Research Director 10 West Broadway, Suite 307, Salt Lake City, UT utahfoundation.org The mission of Utah Foundation is to promote a thriving economy, a well-prepared workforce, and a high quality of life for Utahns by performing thorough, well-supported research that helps policymakers, business and community leaders, and citizens better understand complex issues and providing practical, well-reasoned recommendations for policy change.

2 1 s and s How Utah s Generations Compare to Each Other and the Nation Part I: Demographics In 2015, s will overtake Baby s in the U.S. as the largest generation. This is in contrast to Utah s, who have been the largest proportion of the population since before the youngest members were even born. While nationally ers have held a smaller proportion of the population than either group, Utah Baby s and ers are nearly the same size. These differences in proportion of population also come with changes in race, ethnicity, marriage, parenthood, education, and poverty will occur. This report examines these generational groups, in addition to the Silent and Greatest generations, and highlight some of these intergenerational shifts. This report is presented in four parts. Part I uses Census data to show demographic trends between generations and explains the methodology used in a statewide survey conducted for Utah Foundation by Lighthouse Research. The remaining three parts of this report detail Utah Foundation survey findings regarding workplace, finance, housing, social, and political issues. Nationally, s will overtake Baby s as the largest living generation in 2015; this occurred in Utah before (see page 2-3) Accordingly, the proportion of Utah s population who are s is the second highest in the nation. (see page 2-3) While Utah is less diverse than the nation, the state is following national trends with increasing non-white populations for ers and s. (see page 3) Fewer children are being born to Utah women between 20 and 24 and more are born to women between 30 and 34 than previous generations. (see page 5) Utahns of all generations are more likely to be married than their national counterparts. (see page 4) Utah s proportion of married, stay-at-home mothers is around 12% higher for ers and s than their national peers. (see page 6) Approximately 30% of respondents to the Utah Foundation survey identify as religiously unaffiliated, which is comparable to their national peers (36%) and higher than any other generation in Utah. (see page 7) Definition of Generations Born between Silent Greatest 1981 to early 2000s 1965 to to to 1945 Before 1928 Age in to to to to and up This report was written by Research Analysts Mallory Bateman and Christopher Collard. Additional assistance was provided by Research Director Shawn Teigen, and research interns Marin Christensen and Morgan Dorcheus. Ms. Bateman and Mr. Collard can be reached for comment at (801) or by at mallory@ utahfoundation.org or christopher@utahfoundation.org. Proportion of Population by Generation, 2013 Silent Greatest 0% 5% 10% 15% 20% 25% 30% Utah U.S.

3 2 Part II: Finances and Workplace Preferences Projections show that in the next decade, s will make up 75% of the U.S. workforce. But what do s want out of the workplace, and how does that differ from other generations? How does student debt affect workplace preferences? And how do Utahns feel about their current employers and incomes? In an effort to answer these questions, Part II of this report compares Utah Foundation survey findings with recent national surveys regarding attitudes about finances and the workplace for s (18-34 year olds), ers (35-50 year olds), s (51-69 year olds) and members of the Silent Generation (70 to 87 year olds). Over 1,300 Utahns participated in the Utah Foundation survey. Utahns seem to be more content than their national peers regarding their current incomes and more optimistic about their potential for future earnings. (see pages 2 and 3) While student debt burden has increased significantly for Utahns in the past decade, the average returns on higher educational attainment are already being seen by s (see pages 3 and 4) Utahns are more content than their national peers with current employers; Utahns with families are less likely than their unmarried and/or childless counterparts to want different employers. (see page 5) Utahns are more likely than older generations to think that finding a job they want will be very easy. (see page 6) s, ers, and s have similar attitudes regarding attributes of their ideal jobs good compensation and having a good work-life balance were both high priorities. s placed a higher level of importance on jobs that would allow them to pay off student loans quickly. (see pages 7 and 8) Comparison of Attitudes toward Current and Future Financial Situation, Utah and U.S. 14% 30% 5 U.S. 30% 32% 38% 45% 62% Utah 52% 26% 10% 2% Attributes of Ideal Job by Generation, Utah Good compensation: salary and benefits 1% 4% 25% 70% 2% 6% 25% 24% 70% 67% Opportunities for rapid advancement or promotion in the next few years 4% 17% 3 44% 8% 20% 35% 34% 11% 28% 31% 28% 38% 15% 45% 69% 8% 20% Having a balance between work and other areas of life 1% 4% 17% 77% 1% 19% 77% Silent 40% 54% 74% 19% 4% 19% 74% Don't earn enough now and won't in future 2% Don't earn enough now but will in future Earn enough now and will in future A job that will allow me to pay off my student loans within the next few years 19% 10% 15% 49% 22% 5% 1 36% 34% 6% 1 21% Completely Unimportant Unimportant Important Extremely Important

4 3 Part III: Housing Preferences Many headlines and reports in the past several years have highlighted housing and location preferences of s. While home purchases stalled during the recession and subsequent years, s were the largest share of home buyers in Since the economy is improving and more s are getting older and forming new households, this trend is projected to continue. Part III investigates how Utah s generations compare to the nation regarding homeownership, hurdles to homeownership, and desirable community attributes. The comparison of Utah to the nation was conducted through a survey of 1,300 Utahns in four generations using questions from recent national surveys. Utah has the second highest percentage of homeownership among households in part due to more of them being married with children. (see page 2) The percentage of s who live with their parents is near (within 2%) of the national average. (see page 3) For Utahns currently interested in homeownership, factors such as income, high debt other than student debt, and bad credit were the three most common hurdles preventing homeownership. (see page 5) In Utah, both urban s and s who would like to live in big or mediumsized cities placed high importance on community attributes such as shorter commutes, access to transit, and neighborhoods with a mix of shops and services. (see pages 7 to 9) Utah s and members of the Silent Generation were more likely than younger generations to want to live in small towns and to put high importance on communities with a mix of incomes. (see pages 6 and 8) Comparison of Important Community Attributes by Generation, Utah and U.S. 66% 56% 61% 62% 64% 54% 56% 58% 50% 49% 50% 49% 49% 50% 51% 48% 72% 65% 62% 55% 54% 52% 54% % 49% 52% 51% 45% 47% 48% Silent Silent A shorter commute, even if it meant living in a smaller home A community where people have a mix of incomes A neighborhood close to a mix of shops, restaurants, and offices A community that has public transportation options to use

5 4 Part IV: Politics and Society Increased voter turnout in the 2008 presidential election helped create movement around understanding younger voters, who in previous election cycles had been thought of as an inactive group. National research has painted s as a socially-conscious generation who do not identify with the two major parties. These attributes are influenced by their goals and values in areas outside of the political realm. For Part IV of this report, Utah Foundation set out to explore how Utah s s and other generations compared to their national peers regarding social values and political sentiment. In general, Utahns tended to follow national intergenerational trends, although levels of support or importance varied by topic. Conversely, Utah s conservative political climate created some differences with national data. Utahns across all generations identified more strongly with being religious and patriotic than their national peers, while still following national trends of younger generations identifying less strongly than older generations with both characteristics (see pages 3 and 6). Although the percentage of and Utahns who described themselves as supporters of gay rights was higher than older generations, Latter-Day Saints across all generations had a very similar proportion of supporters (15-20%) (see page 4). Utahns put far more importance on being leaders in their communities than their national peers, with similar importance seen across all generations (see page 6). While Utahns were far more likely than their national peers to identify as Republicans, the national trend of younger generations being less likely than older generations to identify as Republicans held true in Utah (see page 7). Political party affiliation of Utah women across all generations was correlated with their marital status. Over half of married Utah women were Republicans compared to one-third of unmarried women (see page 7). Although survey respondents overestimated their levels of voter registration and participation, national trends were reflected in Utah s younger generations which were less likely than older generations to be registered to vote and to have voted in the 2012 and 2014 elections (see pages 8 and 9). How Generations Describe Themselves, Utah and U.S. UT US UT US A Religious Person A Supporter of Gay Rights Source: Utah Foundation Survey. 36% 42% 35% 34% 28% 37% 3 32% 48% 54% 6 52% 55% 61% 51% Silent 75%

6 5 Major Supporters of Utah Foundation Platinum Supporters Boeing George S. and Dolores Doré Eccles Foundation Intermountain Power Agency Love Communications Questar Rio Tinto Rocky Mountain Power Sorenson Legacy Foundation Union Pacific Zions Bank Gold Supporters The Church of Jesus Christ of Latter-Day Saints Foundation Overstock.com Salt Lake City Salt Lake County Utah Transit Authority Silver Supporters Ally Bank CBRE Chevron CIT Bank Fidelity Investments IASIS Healthcare Intermountain Healthcare Management & Training Corp Molina Healthcare Mountainstar Healthcare Regence BlueCross BlueShield University of Utah Healthcare Utah Community Credit Union Washakie Renewable Energy Wells Fargo Wheeler Machinery Workers Compensation Fund Bronze Supporters Central Utah Clinic Centurylink Deloitte Deseret Management Corp. Dixie State University Energy Solutions Enterprise Holdings Ernst & Young Garbett Homes HDR Engineering Holland & Hart Magnum Development Parsons Behle & Latimer Penna Powers Potash Ridge Corporation Ray Quinney & Nebeker Riverton City Salt Lake Community College Sandy City Staker & Parson Companies Thanksgiving Point Institute University of Utah Utah State University Utah System of Higher Education Utah Valley University Wasatch Front Regional Council Webb Publishing Weber State University